The Selection Committee, which includes past winner Joseph Altuzarra, Eva Chen, Roopal Patel, and Nicole Phelps, will review the finalists’ current collections, and the finalists will travel to Los Angeles in October to present several looks at the Chateau Marmont.

The committee will announce the winner and runners-up at a gala dinner in New York City on November 6, and the winner will receive $400,000 and the two runners-up will receive $150,000 each (the monetary prize increased to these amounts in 2015).

"The CFDA/Vogue Fashion Fund continues to transform the careers of American designers through mentoring and financial support," said Steven Kolb, President and CEO of the CFDA. "By fostering emerging talent, the Fashion Fund lays the foundation for the future of American fashion."

Several brands have competed in the CFDA/Vogue Fashion Fund, but only a few have been named winner, including Thom Browne, Derek Lam, Joseph Altuzarra, Billy Reid, Public School, Paul Andrew, Pamela Love, Jennifer Meyer, Tabitha Simmons, Creatures of the Wind, The Elder Statesman and 2015 winners Brother Vellies, Gypsy Sport and Jonathan Simkhai.

Kristopher Brock and Laura Vassar of Brock Collection were named the winners of the 2016 CFDA/Vogue Fashion Fund and the runners-up were Adam Selman and Krewe du Optic’s Stirling Barrett.